Ferro Corp. has sold the majority of the assets of its Polymer Additives business, which includes a plant in Fort Worth, to Polymer Additives Inc., a wholly owned portfolio company of H.I.G. Capital, a global private equity investment firm, for approximately $154 million in cash. The polymer division will be rebranded and operate as Valerus Specialty Chemicals. Headquartered in Independence, Ohio, Valerus is a leading provider of specialty chemicals that impart critical attributes to polymers, including resiliency, flame resistance and ease of processing. The company’s products are used in construction, automobiles, appliances, electronics, household furnishings and industrial products. The company is expected to generate over $200 million in revenue for 2014.
Valerus operates six manufacturing facilities globally with locations in Ohio, New Jersey, Fort Worth, Louisiana and the United Kingdom. The existing management team, led by Paul Angus, will continue to manage and lead Valerus. Angus will assume the role of CEO. “We are confident that Valerus will thrive as an independent business as we look to invest in new product innovation, service and capacity with a goal to offer greater value to our customers,” said Angus. “We look forward to working with H.I.G. to grow our leadership position in the polymer additives category.” The Fort Worth plant is located at 510 E Central Ave.